The real estate sector is incumbent for the economic growth of a country as it has far-reaching impacts and is deemed viable for the general good. The property sector improves the lifestyle of people, boosts the development of various other industries, generates government revenues, attracts investors, provides business places, and builds environment-friendly designs, resilient buildings, and sustainable economic growth.
Current economic condition
Unfortunately, the economic condition of our country is in distress. Despite expanding, the economy of the country seems to be collapsing. Economic indicators such as GDP, FDI, Exchange rate, PPP, HDI, etc., are not satisfactory, leading to unemployment, poor living conditions, underdevelopment, and lack of infrastructure development and foreign investment.
Why is it pivotal?
Real estate supports progress and builds robust and prosperous societies. This sector has the potential to develop a country and uplift well-being.
Infrastructure is crucial for human societies. We need infrastructure to perform all our necessary activities. Communication infrastructure such as roads, bridges, railways, airports, and other transportation infrastructure is required for mobility, and without it, we cannot even dream of prosperity. Further, to live a peaceful life, educate our kids and youth, improve our health, and establish businesses, we need homes, schools, universities, hospitals, and the required business infrastructure.
Attract foreign investment
Foreign investors and overseas citizens usually invest in real estate mainly because it provides long-term benefits, and the chances of loss are comparatively small. Besides, this investment requires little effort and supervision. For example, China Pakistan Economic Corridor is majorly a real estate project as it aims to meet Pakistan’s necessary communication and transportation infrastructure and is considered a game-changer. In addition, overseas Pakistani communities are taking a keen interest in real estate investment, as can be observed from increasing remittances. In one way, it brings economic sustainability by improving the exchange rate; on the other hand, the employment rate is increased.
Real estate produces wealth. It increases business activities and thus enhances exports. For example, our major exports are surgical instruments, sports equipment, cotton, ready made garments, etc. Real estate has made this happen by developing infrastructure and communication networks, and it can also expand exports in a number of ways. When exports are higher than imports, it means the country is progressing. Real estate can also decrease our dependence on imported goods.
A large portion of employed labor works in the real estate sector. Infrastructures like schools, homes, housing societies, and hospitals not only provide the designated benefits but also entail millions of people. All types of professionals are employed in real estate. So, it involves millions of people and, in this way, makes their lifestyles better.
Technological advancement made people prefer the desired life instead of a simple one. This incites people living in rural areas to move to cities for better lifestyles and opportunities. This trend creates problems like housing and facilities. The property sector here manages people by providing them with their aspired living spaces embedded with modern amenities.
Sustainable and resilient housing
Previously, we were not aware of environmental degradation or sustainable economic growth or development. But now, we understand the ecological effects of modernization. Our population is increasing rapidly, and carbon emission is out of control. Real estate also provides us with solutions to these issues. Developers are reducing their carbon footprint and focusing on ‘Green’ construction strategies, which decrease negative environmental impacts. Projects like Saudi Arabia’s NEOM are unleashing futuristic housing visions and providing a glimpse of an upcoming lifestyle that is compact, sustainable, and resilient.
We are facing economic challenges. The property sector can resolve our financial issues. Besides, it can help us develop on a modern basis and unleash the concept of sustainable development.
It provides passive income, steady cash flow, long-term returns, secure investment, several tax advantages, and many other advantages it brings to us.
Yes, it is an essential economic driver and generates a large part of national wealth. That’s why it is the most prominent sector